Centuria NZ Settles the Acquisition of Brand New Industrial Asset on Tidal Road
The Centuria NZ Industrial Fund is pleased to announce the settlement of 78 Tidal Rd, Mangere, Auckland which was finalised on the 22nd of October for $48.9m. The property forms part of South Auckland’s latest high quality industrial and logistics hub and comprises a brand new, architecturally designed 15,000 sqm industrial facility of two warehouses with adjoining offices on a 4.98ha site. The larger warehouse, generating 75% of the income, has been purpose built as Hancocks Wine, Spirit and Beer Merchants’ national distribution facility and head office, with a 12-year lease plus 2 x 5 year rights of renewal. The smaller warehouse has an initial four-year lease to vehicle accessories company AutoPacific. Both leases have fixed annual rental increases of 2.5%, with Hancocks’ lease also having four-year rent reviews to market.
Ben Harding, CNZIF Manager, commented, “The settlement of the Tidal Rd property continues to build on the strong foundations of the Fund, which following settlement now comprises a well-diversified portfolio of 21 properties, 52 tenants and a value of c.$550m. The asset further enhances key fund metrics to include a Weighted Average Lease Term (WALT) in excess of 5 years, Fund occupancy of 97% + and total portfolio weighting to the strongly performing Auckland industrial market of 76%.”
This article has been updated